Forum discusses more Chinese investment in Africa

China and Africa constitute a community of common destiny, which is an important foundation of China-Africa cooperation and development, said Yang Fuchang, China's former Deputy Minister of Foreign Affairs, at the inauguration of the Fourth China-Africa Industrial Forum (CAIF) in Beijing on November 9.

Victor Sikonina, head of the African Diplomatic Corps in China and Ambassador of Madagascar to China, said African countries have preferential policies for foreign investors. He hoped China's strength in infrastructure and industrial construction could be leveraged to help Africa in terms of power generation and distribution, telecommunication and transportation.

China-Africa trade volume increased twentyfold, from $10 billion in 2000 to $220 billion in 2014. By the end of 2015, it is expected to be close to $300 billion.

"In the past eight years, CAIF has helped hundreds of Chinese enterprises invest in Africa," said Cheng Zhigang, CAIF Secretary General. "It has speeded up industrialization on the continent in terms of manufacturing, technological training and managerial expertise."

CAIF is a biannual forum facilitating Chinese investment in Africa. The day-and-a-half event, themed "Promoting Industrial Development in Africa", discussed infrastructure, new energy, agriculture, industrial manufacturing, wood processing, and tourism development.

It was attended by senior government officials and envoys, think tank leaders, entrepreneurs and scholars from China and Africa.